reporting TFSA interest in 1040

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SergeP
Posts: 61
Joined: Mon Mar 09, 2009 10:38 pm
Location: hawaii

reporting TFSA interest in 1040

Post by SergeP »

I became a US tax resident in 2022. I still did not close all my TFSA accounts because they were invested in GICs. As IRS does not recognize Canadian TFSA I have to add the interest from these GICs to 1040. What would be the best way to show this income in 1040. Obviously I do not have any T5 slips for this income and can use only my bank statements. Thank you.
Serge
nelsona
Posts: 17950
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: reporting TFSA interest in 1040

Post by nelsona »

IRS rarely asks for proof of income. You simply report the income on Schedule B.
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.
ND
Posts: 248
Joined: Thu Feb 21, 2013 5:28 pm

Re: reporting TFSA interest in 1040

Post by ND »

"IRS rarely asks for proof of income."

Hope you're not licensed whereby subject to Circular 230 bc if you are you just made a public violation of it with that statement.
nelsona
Posts: 17950
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: reporting TFSA interest in 1040

Post by nelsona »

Well, if you bothered to read by signature, you would know that answer.

I merely stated that they did not require any proof to be sent in and categorically stated that they needed to REPORT THE INCOME.

Keep your professional indignation for elsewhere, perhaps on your own professional website instead of someone else's.
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.
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